PayPal Here already has more than 200,000 merchants on board

Roughly a month ago PayPal unveiled its Square-like device for accepting credit card payments for smartphone and tablet users – PayPal Here. During the first 24 hours, the company said it received 1,000 sign-ups per hour, and now they say more than 200,000 merchants are on board.

Initially, the triangular dongle was available to select merchants in the US, Canada, Australia and Hong Kong, and during this (second) quarter it is expected to hit additional markets.

Unlike Square, which is still a US-centric service, PayPal Here was global from the day one, something eBay’s CEO John Donahoe (eBay is the parent company of PayPal) doesn’t hide at all — quite the contrary, he’s proud to be the first such global service.

In related news, eBay forecasts that PayPal will process $7 billion in mobile payments this year, up from $4 billion in 2011.

And if you want to join the growing number of PayPal Here users, you can do that from this page.